No the Red Sea product is different. Its a form of carbon dosing that requires daily and long term application. In other words: its slavery :D
The Phosphate RX is a product that binds up the phosphate immediately so that it can be removed by a filter sock and/or skimmer. You literally just drip the required dosage directly into the tank and you're done. I love it :)
I keep my phosphate levels low but I don't aim to see a zero reading on a test kit - that's not necessary unless you are keeping SPS corals.
I would suggest the Phosphate RX as a helper in your maintenance, but not the whole solution. The fact that your phosphate is so high tells you that your current equipment and maintenance routine is not enough to keep your water as clean as it should be.
That could mean inadequate filtration, inadequate maintenance, leaching from the rocks, over feeding or too many animals in the tank. So you'll need to get your Inspector Gadget on and decide which it is :)